Take our money MOT to save money on bills and get extra cash
The cost of living crisis is biting.
Find out where you can save and take our money MOT.
Check bills
GO through all your bills and outgoings to work out whether you can save cash.
If you are out of contract with any of the services you pay for, you can switch provider to save.
If you are happy with the service you get, then haggle.
You could save hundreds of pounds which will help to offset rising costs in April.
Shopping around on insurance could save £265 a year, according to consumer group Which?, while haggling could save £250.
If you’re outside the minimum term of your mobile phone contract, switching could save you hundreds of pounds.
What can you ditch?
FROM streaming services to magazine subscriptions and gym memberships, many of us shell out on things we rarely use.
Go through bank statements and look for payments you don’t recognise.
Also look at regular payments and consider if you are making use of the service.
If you sign up for a free trial, put a reminder in your diary to cancel before you have to pay.
Myron Jobson, a personal finance analyst at Interactive Investor, says: “Removing one £10 subscription from your monthly outgoings might not sound like a lot, but it adds up to £120 a year.”
Fix your mortgage
IF you are among the two million homeowners on a variable rate or tracker mortgage, your bills could soon be going up again.
The Bank of England is expected to increase interest rates shortly.
That would add £56 a month to a 25-year £200,000 mortgage if you are on a variable deal and the rate were to increase from 3.99 per cent to 4.49 per cent, or £672 a year.
Also, check to see if you are on a fixed-rate deal. You might be able to switch and save money.
But don’t forget to factor in the impact of hefty early repayment charges before you decide to leave your lender.
Too much interest?
HAD the same credit card for a while? If so, you are probably paying too much in interest. Balance transfer cards let you move your borrowing to a new credit card, and often charge zero per cent interest for a set period.
According to MoneySavingExpert, MBNA offers an interest-free deal for 33 months, while M&S Bank has a 31-month deal.
MoneySupermarket’s credit card calculator estimates that you could save £380 in interest on a balance of £2,000 if you switch from a card charging 18.9 per cent to a zero per cent deal.
That is based on repayments of £100 a month.
Do an energy audit
MOST households, 20million of them, are on standard variable tariffs and bills are rising from April 1, when the average price cap goes up to £1,971.
And experts warned this week it could go up again to £3,000 a year.
In the current climate you probably will not be able to save by switching provider. But you should still review your tariff and find out how much extra you will be paying next month.
Think about how you might cut your energy usage. If you will struggle to pay, contact your supplier.
It might be able to support you if you are in debt.
Unclaimed benefits?
MILLIONS of us are missing out on cash by not claiming benefits we are entitled to.
These include Universal Credit, pension credit and council tax support.
The average amount of pension credit going unclaimed is £1,878.91.
Websites including and have benefits calculators to help you check.
You will need some information to hand to see if you can claim, such as bank statements and details of any pension and existing benefits you get.
Switch banks
GET hundreds of pounds just by moving your bank account.
First Direct currently pays £150 to new customers. NatWest and RBS offer £150 plus £3 a month cashback, while Santander pays £140 plus cashback on bills.
Apply for an account and your new bank will do the work. Under the Current Account Switch Service, it should take no more than seven working days.
Check terms first, though. With some banks you need to pay in a minimum sum each month. Or you may not get the bonus if you have been a customer before.
Myron Jobson says: “Compare perks, overdraft fees and credit interest. Read the small print.”
Check tax code
YOU may be owed money by HMRC if you have been on the wrong tax code.
James Andrews at money.co.uk says: “The most common reason is if you changed jobs, or your state or employee benefits changed.”
Most basic-rate taxpayers have a tax code of 1257L.
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Gov.uk has a tool to help you find what yours should be. Check it against the code on your latest payslip. If it is wrong, call HMRC on 0300 200 3300.
If due a rebate, you will get a P800 letter after the tax year has ended. You can claim the money online or by post, though the latter takes longer.